How Block built a $200 billion credit operation by seeing customers traditional lenders can't

Block – the company behind Cash App, Square, and Afterpay – has officially crossed $200 billion in credit extended to customers globally . This is a massive milestone that shows how alternative lending is reshaping the financial landscape.

Who Is Being Served?

Here is the key insight: roughly 100 million Americans are invisible to traditional credit systems. They have no credit score, a "thin file" (not enough credit history), or data that does not reflect their actual financial lives .

Traditional banks look at these people and say "no." Block looks at different data – sales volume for small businesses, transaction history on Cash App – and says "yes."

The Three Products:

• Square Loans: Small business loans based on sales volume, not credit scores. No fixed term; repayment is flexible.
• Cash App Borrow: Four-week loans for consumers.
• Afterpay: "Buy now, pay later" with Pay in 4 (six weeks) and Pay Monthly (up to 24 months) .

The New Product: Afterpay Flex debit card – being piloted in the US – which functions as either debit or credit without requiring two cards .

Why This Matters

This is GOOD news. It shows that lending does not have to be predatory. Block's model uses first-party data (data from their own ecosystem) rather than traditional credit bureaus to make lending decisions. The result is more access at lower cost.